saxo-bank-annual-report-2015

NOTES – SAXO BANK GROUP
Note (DKK 1,000)
20 Tangible assets
2015
Domicile
properties
Leasehold
improvements
Fixtures,
equipment
and vehicles
IT
equipment
Cost or valuation at 1 January 768,924 125,030 143,157 275,949 1,313,060
Additions 1,365 6,166 3,211 24,847 35,589
Disposals - (1,667) (14,876) (13,652) (30,195)
Transfers (10,820) 340 (228) 228 (10,480)
Exchange rate adjustments - 3,923 3,044 2,805 9,772
Cost or valuation at 31 December 759,469 133,792 134,308 290,177 1,317,746
Total
Depreciation and impairment losses at 1 January (36,438) (103,301) (97,373) (239,783) (476,895)
Depreciation (11,674) (10,920) (11,752) (25,943) (60,289)
Impairment - - - (137) (137)
Disposals - 1,180 13,083 13,601 27,864
Transfer 4,844 - 138 (138) 4,844
Exchange rate adjustments - (3,707) (2,578) (2,293) (8,578)
Depreciation and impairment at 31 December (43,268) (116,748) (98,482) (254,693) (513,191)
Carrying amount at 31 December 716,201 17,044 35,826 35,484 804,555
The fair value of the Group’s domicile properties rely substantially on non-observable input. The domicile properties are measured by
applying an asset return model. The key input in the asset return model is the rate of return and market rent. The applied rate of return
is determined on the basis of its location, potential use, condition and terms of lease. Fair value decreases with DKK 59.7 million
(2014: 61.1 million) if the rate of return increases with 0.5 percentage point.
At 31 December 2015 the fair value of the domicile properties was determined. No fair value adjustment was recognised in 2015 or
2014. No independent valuer has been involved.
2015 2014
Domicile properties
Rate of return applied in the fair value calculation 5.05% 5,14%
Carrying amount if the domicile properties were carried under the cost method 646,338 660,393
70 · SAXO BANK · ANNUAL REPORT 2015